Implementing Smart Contracts on DAG-based Cryptocurrencies

The Hong Kong University of Science and Technology
Department of Computer Science and Engineering

Title: "Implementing Smart Contracts on DAG-based Cryptocurrencies"

by

VERMA Kshitij

Abstract:

Most cryptocurrencies are based on the blockchain architecture, which has 
limitations on the frequency at which transactions can be added to the 
network. Additionally, having separate miners maintain correctness of the 
ledger imposes transaction fees and consumes a lot of computing power. 
This stemmed the creation of DAG-based cryptocurrencies, in which the 
ledger is maintained in the form of a directed acyclic graph of 
transactions or blocks of transactions by the users themselves. This 
architecture enjoys faster verification of transactions, no transaction 
fees and doesn't consume vast amounts of power.

Currently, the most popular cryptocurrency that supports smart contracts, 
Ethereum, uses a blockchain as its ledger. It requires miners to run the 
smart contracts stored on the blockchain. Apps that run on Ethereum also 
face the limitations imposed by blockchain. The aim of this project is to 
explore the use of smart contracts on dag-based ledgers, including 
investigating Turing-completeness and possible security flaws.


Date            : 2 May 2019 (Thursday)

Time            : 16:00 - 17:00

Venue           : Room 4621 (near lifts 31/32), HKUST

Advisor         : Dr. HUI Pan

2nd Reader      : Prof. CHAN Shueng-Han Gary